RECO alleges iPro falsified real estate transactions and operated more than one accounting system in order to divert trust money.

The Real Estate Council of Ontario is seeking a court order to trace and recover over $10-million it says was removed from trust accounts by the owners of iPro Realty Ltd. in violation of their responsibilities as brokers and owners of what was one of the largest real estate brokerages in Ontario.

The court filing is the first legal action taken against iPro’s former owners Rui Alves and Fedele Colucci following the Aug. 14 announcement that there was an shortfall in the firm’s consumer deposit trust and realtor commission trust accounts. The filing reveals previously unknown details of what the alleged “trust scheme.”

In a notice of application filed on Fr

See Full Page